It is a common misunderstanding that financial advisers only help wealthy, middle-aged people to plan their retirement or inheritance. In reality, partnering with a financial adviser in your thirties has many benefits and can help you get an early start on a good financial path.
Like many people, your thirties might be spent building a career, getting financially stable, and starting a family. Your finances will change throughout these years, and there will likely be a lot of expenditure to achieve your long-term goals. It is important for you to be in good financial shape through this period, and this is where a good financial adviser will come in handy.
1. Guidance and education
You may be an expert in your field, but if the field isn’t personal finance, you may find yourself out of your depth. Your financial adviser can guide you through each step - choosing the best savings platform, being more tax-efficient and ensuring you’re making the most out of your work benefits.
Your financial adviser will get to know you, your values, family, and lifestyle. This means they will be in a strong position to offer personalised advice; not just an off the shelf package. They will also act as an informed sounding board for your ideas and plans.
They will help you answer your financial questions: Is private education for my children affordable? What should I do with my inheritance from my Grandmother? Should I invest in a local start-up?
2. Putting a plan in place
Like many things in life, without a plan or goals, you can get lost, and goals are forgotten in the chaos of everyday life. A financial adviser will work with you (and your significant other) to discover what you want from life. Using this information and an analysis of your finances, they will help you to identify and outline your goals. Then they will build a bespoke financial plan to help you achieve them.
Your plan is built using the most accurate forecasts and is stress tested through advanced FutureMap™ software against all possible scenarios—for example, a market crash, long-term care, or splashing out on a holiday home.
3. To hold you accountable
Google is an outstanding resource. It can educate you on any topic - personal finance, Tiramisu recipes, home dentistry. But can Google hold you accountable and keep you on track for your future?
Like any coach, a key benefit of a financial advisor is holding you accountable and keeping you on track. Life gets busy in your thirties, and without someone keeping you in check, your finances may run off course. You will meet annually with your financial advisor to monitor your progress and adapt your financial plan as your life and goals change. Throughout the year, they’ll keep in contact to give you reminders for key financial dates and be on hand to help.
4. A cool head in a crisis
In a crisis, you need a cool head to help you make the best decisions and act in your best interests. When all the media noise is telling you to sell your investments when the markets are low, or the stress of a personal crisis is encouraging you to make a rash decision; your financial adviser will act as an unbiased, rational guide.
In their many years of experience, financial advisors will likely have encountered similar situations with multiple clients. They will know what to do to ensure the best outcome for you.
If you would like to learn more about how a financial adviser could help you, contact us today.